Month: September 2014

Lib Dems ‘push for early Budget’

Senior Conservatives are set to reject a Liberal Democrat proposal to bring forward the next Budget to mid-February, BBC News has reported. Such a move could squeeze the timetable for consultation on the draft Finance Bill measures expected to be published in December.

A relatively short Bill may be presented in the run-up to the general election. However, Finance Act 2010, which received Royal Assent before Parliament was dissolved to make way for the last election, comprised 70 sections and 20 schedules. It was the first of three Finance Acts passed in 2010.

Read more at AccountingWEB.

FTSE 350 group wins Fair Tax Mark

Go-Ahead, the bus and rail operator, has become the first FTSE 350 company to be awarded the Fair Tax Mark, an accreditation scheme devised by a team of tax campaigners led by Richard Murphy.

The Go-Ahead group employs 23,000 people in the UK and operates the Southern, Southeastern and London Midland franchises. It won the Thameslink rail franchise earlier this year in a joint venture with Keolis, the French state-owned transport services operator.

Read more at AccountingWEB.

Changing horses: Key features of the incorporation and disincorporation reliefs in TCGA 1992

Capital gains tax incorporation relief, “rollover relief on transfer of business”, has been around for a long time. In contrast, disincorporation relief was enacted only last year, when the government estimated that around 610,000 companies, about 40% of those in the UK, would be eligible for relief against corporation tax on chargeable gains.

In each case, the policy rationale is that tax charges should not act as a barrier to proposed changes in the structure of a business.

Read more at Taxation (subscription required).

HMRC unmoved by child benefit charge complaints

HMRC has dismissed claims that letters sent to child benefit recipients inviting them to consider whether they should pay the high income child benefit charge (HICBC) are “causing trouble”. A spokesman said the letters can be “simply disregarded” where the charge has been paid, but the ICAEW Tax Faculty has claimed that the letters are “aggressive” and poorly targeted.

Read more at AccountingWEB.